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Planning and Budgeting For an Extended Vacation

Life Stages Blog Series Part 6

Empty nesters know what it takes to successfully raise a family and send their kids off to college or whatever’s on the post-high school horizon. Without going into the day-to-day specifics, it takes a lot of effort, sacrifice, and money to raise strong, healthy, and educated children. This is the ideal end goal for most if not all parents, and needless to say, getting your kids out the door is easier said than done.

When everything is said and done, you and your spouse can finally breathe a sigh of relief indicative of decades of hard work. As you revel in the fact that you have the house to yourself for the first time since your firstborn made their way into this world, you start to discuss what you should do with all of this extra free time. While you’re both too young to retire at this age, you do feel that it’s appropriate to celebrate your life achievements with some travel action.

Our Community Bank Can Help You Budget The Trip Of Your Dreams

Though planning an extended trip certainly takes a lot of time and effort (sound familiar?), you’ll also want to consider the budgetary and financial aspects of doing so. In the sixth installment of our blog series chronicling the financial ins and outs of life, we identify and address the financial challenges associated with planning an extended vacation as empty nesters.

While NebraskaLand Bank is partial to our communities of North Platte and Kearney here in Nebraska, we encourage our community members to go out, travel, and see the world! For all of you empty nesters with time on your hands, read below for some practical financial advice to help you plan for that next big trip.

Use Travel Budgeting Tools To Your Advantage

Budgeting is king when it comes to financial planning for a trip. Fortunately, you’ll not only have our friendly Community Bankers to work with before you leave for your trip, but you’ll also have access to budgeting apps that you can use during your trip to make sure that you’re never dipping in the red. Spender’s remorse is never a fun thing to deal with, and our goal is to make sure that you’re spending an appropriate amount of money on your trip that aligns with your budget.

For example, a free iOS app known as “Trail Wallet” lets you set daily and trip-long budgets to track various expenditures including food, transportation, and accommodations.

Let Us Know That You’re Going On An Extended Trip

Well before you depart, make sure that you’ve decided on what debit or credit cards you’ll be using for all of your trip purchases — particularly, purchases that you’ll be making outside of the United States. Don’t just notify the primary Bankers that you work with here at NebraskaLand Bank, though. Reach out to your credit card company (or companies) and notify them of your travel plans including information like where you’re going, how long you plan on being in X location, and what you anticipate on purchasing (roughly). That way, the charges and withdrawals you make on your card won’t seem suspicious or fraudulent. The more communication, the better.

Protect Yourself In Case Anything Gets Stolen

Unfortunately, theft against tourists is quite common when Americans travel internationally, particularly in the way of pickpocketing. While notifying us as your community bankers as well as your credit card companies is a good place to start, it’s also a good idea to keep an inventory of your wallet or purse contents should you encounter a thief during your travels. This way, if you need to replace your credit cards, debit cards, IDs, and whatever else was in your wallet or purse, you can be 100 percent sure of what was in there.

Additionally, we recommend storing a little extra cash and a backup credit card in your room safe or another secure location in the event that you lose your belongings or if they get stolen. It’s also a wise move to leave at least one credit card (or form of payment) at home as waiting for replacement cards to arrive in the mail can take a few weeks. Of course, these pieces of advice are just in case, but it’s much better to be safe than sorry.

Traveling Internationally? Set Up Foreign Currency Matters Beforehand

The last thing you want is to land in another country, only to realize that you only have Federal Reserve Notes in your wallet. While you can typically exchange currencies at whatever airport you’re in, note that the best exchange rate is seldom found at airports.

Budget For More Than You Anticipate On Spending

This piece of advice goes with just about any aspect of life, but do yourself a favor and bring — or have access to — more money than you realistically intend on spending. That doesn’t necessarily mean that you should spend this surplus during your trip, but budgeting accordingly will give you a cushion should you or your spouse experience a medical emergency or get robbed at some point during the trip.

Make Sure You’re Covered

On a similar note, there’s more that you can do to financially protect yourself in case of a vacation emergency. Travel insurance is highly recommended if you’re traveling internationally and going on an extended trip lasting multiple weeks or even over a month. This specialized insurance policy will help recoup the financial damage from things like canceled flights, medical expenses, stolen belongings, and other travel inconveniences.

If you’re renting a car, it’s also a good idea to thoroughly review your auto insurance policy to make sure that you’re covered. All things considered, don’t overlook your insurance situation and make sure that you’re covered in just about any scenario possible.

Work With Nebraska’s Best Community Bank For Help

If you have any budgetary concerns or financial questions related to planning a trip as empty nesters (or even a standard family vacation), your business is our business. Let NebraskaLand Bank help! Whether you need to open a new personal account or move around funds, please feel free to contact us today for assistance.

Local People. Local Decisions. Local Ownership.